ServiceNow (NYSE:NOW) Given New $1,150.00 Price Target at BMO Capital Markets

ServiceNow (NYSE:NOW) had its target price raised by BMO Capital Markets from $1,025.00 to $1,150.00 in a report issued on Wednesday morning, MarketBeat reports. The brokerage currently has an outperform rating on the information technology services provider’s stock.

A number of other equities analysts also recently commented on the stock. Barclays set a $1,085.00 price objective on shares of ServiceNow in a report on Wednesday, May 7th. Royal Bank of Canada raised their price objective on shares of ServiceNow from $1,060.00 to $1,100.00 and gave the stock an “outperform” rating in a report on Tuesday, May 6th. Redburn Atlantic assumed coverage on shares of ServiceNow in a report on Wednesday, February 19th. They set a “buy” rating for the company. Evercore ISI lifted their price target on shares of ServiceNow from $925.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, April 24th. Finally, StockNews.com downgraded shares of ServiceNow from a “buy” rating to a “hold” rating in a report on Tuesday, February 11th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $1,062.50.

ServiceNow Price Performance

Shares of ServiceNow stock opened at $1,029.76 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.10 and a quick ratio of 1.10. ServiceNow has a fifty-two week low of $637.99 and a fifty-two week high of $1,198.09. The firm has a fifty day moving average price of $853.85 and a two-hundred day moving average price of $971.90. The company has a market cap of $213.16 billion, a PE ratio of 150.77, a price-to-earnings-growth ratio of 4.51 and a beta of 0.97.

ServiceNow (NYSE:NOW) last released its quarterly earnings data on Wednesday, April 23rd. The information technology services provider reported $4.04 EPS for the quarter, topping analysts’ consensus estimates of $3.78 by $0.26. The company had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.09 billion. ServiceNow had a net margin of 12.97% and a return on equity of 17.11%. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period last year, the firm earned $3.41 EPS. Analysts expect that ServiceNow will post 8.93 EPS for the current year.

ServiceNow declared that its Board of Directors has initiated a share buyback plan on Wednesday, January 29th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the information technology services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at ServiceNow

In other ServiceNow news, General Counsel Russell S. Elmer sold 62 shares of ServiceNow stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $1,023.00, for a total value of $63,426.00. Following the transaction, the general counsel now owns 4,332 shares of the company’s stock, valued at approximately $4,431,636. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO William R. Mcdermott sold 384 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $986.64, for a total transaction of $378,869.76. Following the completion of the sale, the chief executive officer now directly owns 6,614 shares in the company, valued at approximately $6,525,636.96. This represents a 5.49% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,056 shares of company stock worth $14,421,814. 0.38% of the stock is currently owned by company insiders.

Institutional Trading of ServiceNow

A number of institutional investors have recently made changes to their positions in NOW. GAMMA Investing LLC lifted its position in shares of ServiceNow by 87,501.3% in the first quarter. GAMMA Investing LLC now owns 2,689,361 shares of the information technology services provider’s stock worth $2,141,108,000 after purchasing an additional 2,686,291 shares in the last quarter. Norges Bank bought a new stake in ServiceNow during the fourth quarter worth $2,603,360,000. Nuveen LLC bought a new stake in ServiceNow during the first quarter worth $1,817,535,000. OVERSEA CHINESE BANKING Corp Ltd raised its position in ServiceNow by 1,586.5% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 933,209 shares of the information technology services provider’s stock worth $742,965,000 after acquiring an additional 877,875 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in ServiceNow by 131.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,480,526 shares of the information technology services provider’s stock worth $1,178,706,000 after acquiring an additional 840,731 shares in the last quarter. Institutional investors own 87.18% of the company’s stock.

ServiceNow Company Profile

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.